Consumers are beginning to feel the impact of higher oil prices in their pockets. Less confidence means less spending and no wonder we have been seeing shares of retailers and banks faltering.
More Quotes from Larry Peruzzi:
This morning, the market tends to be looking past that a little bit.Larry Peruzzi
It's a number kind of closely watched by the Fed. It's a big factor in the rate decision-making, so the fact that it came in line is a positive trend.
Larry Peruzzi
The increase in oil prices as trading started this morning took away all the incentive to buy stocks. With oil going up again and a Fed meeting tomorrow, investors are being very cautious. Demand today has dried up.
Larry Peruzzi
All indicators are pointing to strong economic growth. That's got people excited, especially in an environment of high commodity prices.
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In a normal week, these numbers would be positive enough to trigger a rally in stocks. But with the two hurricanes, oil data has become very volatile and the same has applied to the stock market reaction to the data.
Larry Peruzzi
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